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Jürgen Stark hints at real reasons for his resignation

So far Jürgen Stark always said that his resignation from the ECB board by the end of this year was due to ,,personcal reasons". In an interview with Wirtschaftswoche Stark added: ,,There is a big topic that is the reason for it (the resignation): I am dissatisfied how the currency union has evolved." Just as Weidmann he insisted that ECB's bond purchasing program was limited and that it was impossible to extend the central bank's balance sheet indefinitely. Stark also accused Greece - even under the leadership of his former ECB colleague Lucas Papademos - not to do what is necessary to get the country out of the mess. ,,Greece has currently chosen an option that is too easy by saying the country suffers under a systemic crisis in Europe. It is not acceptable to hand over the responsibility to other people if one has not done one's homework."

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 05:07:20 AM EST
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